VAST Data claims to have has grown its business significantly faster than the general storage industry and says it will revolutionize the data lake market by onboarding OEMs in the coming months.
More than a dozen customers spent more than $10 million on its Universal Storage product in the first half of 2022, in dicating a potential $120 million run rate from them alone. Its Annual Recurring Revenue (ARR) at the end of the period was 4.2x higher than a year ago. Three customers have now exceeded more than $100 million in commitments for Universal Storage since first buying the product. VAST has been cash flow positive, on average, for the last six quarters.
Renen Hallak, VAST co-founder and CEO, said in a statement: “Organizations are waking up to the fact that they need more utility from their data than legacy data platforms will allow them to realize… The platform revolution is only just beginning, and we can’t wait to show everyone our next acts which will be unveiled over the coming months.”
The announcement says VAST’s momentum will continue as it ”doubles down on the all-flash cloud, revolutionizes the data lake and onboards world-leading OEM partners, global system integrators and key ISV partners.”
Board member Gary Reiner said of VAST’s growth: “We are even more excited about VAST’s near-term plans to continue innovating, expanding further into the cloud with remarkably advanced data management capabilities.”
So VAST will be adding data lake and data management capabilities, and OEM partners that are world-leading, without saying if they are in the IT hardware systems, data lake or data management business. Should we be thinking of Databricks, Dremio, and Snowflake, or traditional system OEMs like Dell and HPE? Or both even, and where does the public cloud play in this?
Co-founder and CMO Jeff Denworth has written a blog in which he says “VAST wants to be a killer of categories in the future” with the URL linking to a Blocks & Files story about VAST working on the Thinking Machines vision. It appears we were getting close to what VAST is doing with data science infrastructure software development. Stay tuned.